EXHIBIT 12
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | Six Months | |||||||||||||||||||
Jan. 1- | Nov. 7- | Ended | ||||||||||||||||||
Nov. 6, 2001 | Dec. 31, 2001 | 2002 | 2003 | June 30, 2004 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
EARNINGS AS DEFINED IN REGULATIONS-K: | ||||||||||||||||||||
Income before extraordinary items | $ | 34,467 | $ | 30,041 | $ | 251,895 | $ | 68,017 | $ | 50,234 | ||||||||||
Interest and other charges, before reduction for amounts capitalized | 95,727 | 16,919 | 100,365 | 94,719 | 41,384 | |||||||||||||||
Provision for income taxes | 52 | 20,101 | 181,855 | 46,440 | 37,356 | |||||||||||||||
Interest element of rentals charged to income (a) | 3,913 | 124 | 3,239 | 5,374 | 3,364 | |||||||||||||||
Earnings as defined | $ | 134,159 | $ | 67,185 | $ | 537,354 | $ | 214,550 | $ | 132,338 | ||||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Interest on long-term debt | $ | 77,205 | $ | 14,234 | $ | 92,314 | $ | 87,681 | $ | 40,531 | ||||||||||
Other interest expense | 9,427 | 1,080 | (2,643 | ) | 1,690 | 853 | ||||||||||||||
Subsidiary’s preferred stock dividend requirements | 9,095 | 1,605 | 10,694 | 5,347 | — | |||||||||||||||
Interest element of rentals charged to income (a) | 3,913 | 124 | 3,239 | 5,374 | 3,364 | |||||||||||||||
Fixed charges as defined | $ | 99,640 | $ | 17,043 | $ | 103,604 | $ | 100,092 | $ | 44,748 | ||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 1.35 | 3.94 | 5.19 | 2.14 | 2.96 | |||||||||||||||
(a) | Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. |